Skip to comments.Hewlett-Packard To Lay Off 27,000 Employees; 2Q Profit Down 31%
Posted on 05/23/2012 2:05:15 PM PDT by matt04
Hewlett-Packard Co. (HPQ) unveiled plans to lay off 27,000 employees as the technology giant also reported its fiscal second-quarter earnings slumped 31% amid relatively flat revenue in its personal computer business and lower sales in its printing segment.
However, shares were up 7% at $22.46 in recent after-hours trading as earnings beat the company's expectations and as the company raised its full-year view.
The company said it plans to lay off about 8% of its workforce by the end of fiscal 2014. Its restructuring plans are expected to generate annualized savings of between $3 billion and $3.5 billion by 2014, most of which will be reinvested back into the company. It plans to use the savings to boost investment in cloud, big data and security.
"These initiatives build upon our recent organizational realignment, and will further streamline our operations, improve our processes, and remove complexity from our business," said Chief Executive Meg Whitman in a statement. "While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company."
(Excerpt) Read more at online.wsj.com ...
Each of those 27,000 folks should simply contact Obama or a democrat politician and ask how they go about getting one of those “shovel ready” jobs in this “recovering economy”.
Hang in there folks, maybe this is another “Summer of Recovery”.
Just be sure to check the air in your tires and get you some “Hope and Change”... you’ll be fine.
Remember... we be moving “Forward”.... sure thing, we be moving Forward.
I had an HP Deskjet printer that was a disaster from the start.
Here at work I had to send back a faulty printer for the third time! The guy I was helping me got angry with me after I repeatedly told him to let me speak to his manager. (I bought a warranty on it). After the guy finally let me speak to his manager, the manager told me he would have one shipped over night to me. We will see if this remanufactured peice of garbage works this time.
I have that won’t even make a good boat anchor.
Geeez. Just think what she could have done for California!
The economic “recovery” continues, it seems. /sarc
All because of that improving Obama economy! LOL!
So...when the UNEMPLOYMENT numbers come out will we see a DROP?
I’ve had similar experiences with HP laptops. Their printers used to be good, too, but I’ll never buy one again. I just replaced a not-old (only four years old, maybe?) OfficeJet Pro that couldn’t print for crap with an Epson that cost about half of what I paid for the HP and it works perfectly.
Phew, thank gawd the economy is in recovery or this could be detrimental to the health of our free enterprise system.
Were these two company's down sizing already in the making or were they status quo and "unexpected"?
“I still can’t figure out what the last chairman (Apotheker) was thinking.”
He was a software CEO and thought he could remake HP into a software company and drop the hardware.
This is like GM deciding to build planes.
“Their printers used to be good, too,”
There old LaserJets were the best thing ever made. We had two of thev11x17 five series that were over 4 million pages each. My then boss said to get rid of them because he “wanted to see something new.” We donated one to a local charity that uses it to this day - probably past 10 million pages.
Anything in the new back and white scheme - not worth carrying home if it is for serious use.
More improvements to the economy....
Yea... I wonder what proportion of the 27K will be in this country. Probably all.
I participate in am OEM relationship with HP. We resell ~$50M a year in HP servers. The only thing HP has left (IMO)that's worth a tinkers damn is Compaq heritage product and process and some DEC lineage. "HP" as we know it from the old days brought nothing to today's HP; it was all sold w/ Allegiant (sp). The consumer grade HP laptops are just OK; my Pavillion dm4 is nice, quiet and cool. The Compaq lineage commercial laptops much better, but lagging in leading edge features. The DL3XX series servers are still high quality; best price to value in commercial grade servers. Imaging products are all made by Flextronics and as good as most.
HP laser printers are the best in the world for small shops and home. I own three now. Have owned probaly 7 total. Better than anything else. Printer support is great too.
I dont know about their computers but their printers are well engineered and reliable.
This should help Barry and the Feddies lower their “unemployment rate” to 7% before the election.
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